Analysis of gold news: During the U.S. market on Monday (November 13), market sentiment was relatively positive, the U.S. dollar stabilized, and gold prices hovered at nearly three-week lows. The market is currently paying attention to U.S. inflation data. Last week, Fed Chairman Powell pushed back against market bets for an early interest rate cut, and investors will get clues on monetary policy from more data. Gold prices hovered near three-week lows on Monday as the dollar strengthened and investors awaited U.S. inflation data for more clues on whether the Federal Reserve will keep interest rates on hold or raise them. After plunging by more than $50 last week, spot gold fluctuated within a narrow range around $1,935, waiting for next clues. The U.S. Consumer Price Index (CPI) will be released on Tuesday. A Reuters survey shows that core CPI is expected to rise 0.3% month-on-month and 4.1% year-on-year in October. Both forecast increases are unchanged from September. The dollar rose 0.1% against other currencies after hitting a one-week high in the previous session, making gold less attractive to holders of other currencies. The U.S. dollar index, which measures the greenback’s value against other major currencies, was slightly stronger near 105.80, holding on to most of last week’s gains. Markets also digested news late Friday that Moody’s had lowered its U.S. credit rating outlook to “negative,” while focus turned to Tuesday’s U.S. consumer price index. Fed policymakers including Chairman Jerome Powell suggested last week that the fight against inflation may not be over yet, prompting markets to scale back bets on rate cuts that had pushed up short-term Treasury yields. rate and supported the dollar.
Today’s gold strategy: It is recommended to focus on low and long callbacks, supplemented by rebounds from high altitudes. At the top, focus on the first-line resistance of 1958, and on the bottom, focus on the first-line support of 1935.
Analysis of crude oil news: In the US market on Monday (November 13), crude oil prices were trading around US$78.40/barrel. Oil prices rebounded 2% last Friday. Market sentiment has recovered, but the past week has left investors with an impression What is even more profound is the sharp drop in oil prices in the first half of the week. WTI crude oil once fell by more than 7%. In the past period, investors have noticed that it is difficult for the demand side to bear the oil price that has soared above 90 US dollars. This is directly reflected in the sharp drop in China’s crude oil processing volume from high levels in the face of high oil prices. The U.S. Energy Agency said in In the November monthly report, the market was surprised to significantly reduce crude oil demand in 2023. In the past two months, the crack difference of refined oil products on the futures market has fallen back from the high level, and the monthly difference of crude oil has continued to weaken, which also points to the weakening changes in the supply and demand level of the crude oil market. It is expected that oil prices will rebound in the short term after the sharp decline. However, the market’s expectations for the future of oil prices are still cautious or even pessimistic. The strength of the rebound is expected to be limited. Strong factors are needed to restore investor confidence again. The next key test for oil prices is whether OPEC, especially Saudi Arabia, will decide to extend the existing voluntary production cuts to the first quarter of next year or even longer at the OPEC meeting in December. Judging from the current increasingly pessimistic supply and demand scenario in the market, if Saudi Arabia still wants to maintain the stability of the oil market, it seems that it is a must to continue to extend the voluntary production cuts. However, this seems to be a clear disagreement with the previous agreement reached by the United States. This will be The key decision for the next step in oil prices.
Today’s crude oil strategy: It is recommended to focus on rebounding from high altitudes, supplemented by callbacks to lows. Focus on the 80.0 first-line resistance at the top and the 77.0 first-line support at the bottom.
The operation of gold and crude oil trading must be done carefully, the above strategies are recommended only for reference.
